scholarly journals Empirical Analysis on the System Revisions of Judicial Real Estate Auctions: Comparison with General Real Estate Trading

2021 ◽  
pp. 91-112
Author(s):  
Yusuke Ooka
Keyword(s):  
Real Estate ◽  
Empirical Analysis ◽  
Selling Price ◽  
District Courts ◽  
Empirical Results ◽  
Acceptance Ratio

AbstractThis paper shows the effect of a series of system revisions of judicial real estate auction in the 2000s on three factors: bid acceptance ratio, number of bidders, and highest bid. Using multiyear data of auctions from multiple district courts, I estimate the improvement of the three factors by the revision.Furthermore, comparing real estate auction data with voluntary sale and general real estate trading data, I find that the selling price in auction was greatly lower than the price in voluntary sale even after the system revisions. Based on the empirical results, I suggest about necessity of further system revisions.

scholarly journals Unconditional basic income as an instrument for reducing income inequalities. The case of Poland

2019 ◽  
Vol 69 (1) ◽  
pp. 63-79
Author(s):  
Piotr Misztal
Keyword(s):  
Empirical Analysis ◽  
Developed Countries ◽  
Pilot Program ◽  
Basic Income ◽  
Empirical Results ◽  
Income Inequalities ◽  
Economics Literature ◽  
The Family ◽  
The Right ◽  
Size And Structure

Unconditional basic income (UBI) is the income allotted to all members of society individually, without the need to work. The right to this income and its level are unconditional and independent of the size and structure of households. In addition, the unconditional income is paid regardless of the income of citizens from other sources. The aim of this paper is to provide a theoretical and an empirical analysis of the UBI, with particular emphasis on the genesis and the effects of introducing this mechanism. The research was based on the analysis of economics literature and empirical results. In the empirical part, the effects of the UBI pilot program implemented in various high and low economically developed countries have been taken into account. In particular, the effects of the Family 500+ program introduced in Poland have been presented, which is widely identified with the UBI program.

Capitalisation rates for commercial real estate investment decisions

2015 ◽  
Vol 33 (3) ◽  
pp. 242-255 ◽  
Author(s):  
John McDonald
Keyword(s):  
Real Estate ◽  
Commercial Real Estate ◽  
Office Buildings ◽  
Office Building ◽  
Vacancy Rate ◽  
Recent Past ◽  
Content Type ◽  
Empirical Results ◽  
Real Estate Valuation ◽  
Capitalization Rate

Purpose – The purpose of this paper is to present a basic model of commercial real estate valuation in which the capitalization rate is the critical variable, and to present empirical results for a study of office building capitalization rates. Design/methodology/approach – The model is derived from standard economic and financial theories. The empirical study uses data from the sale of office buildings in 37 downtown markets for 2012. The empirical results are related to concepts of asset market efficiency. Findings – The empirical results show that capitalization rates depend on features of the office buildings, vacancy rate, and recent change in the office building market as captured by the vacancy rate. In other words, investors are using variables implied by standard economic and financial theory and basic economic data from the recent past to determine the capitalization rate. Practical implications – The empirical results show how investors determine capitalization rates for office buildings, so potential investors can gauge the state of a property market. Originality/value – The paper shows that changes in capitalization rates are predictable; investors use past data to adjust their capitalization rates. Furthermore, if an investor does not agree that current trends will continue, then the investment decision should be determined accordingly. For example, if an investor thinks that the future will not be as robust as the recent past, then other investors will bid more than the investor thinks is reasonable. However, if the investor sees a future that is brighter than the recent past, it is time to buy.

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